Recap 2024: AI in Finance

As we begin the year 2025, let’s look at how AI impacted the finance sector. The convergence of AI and finance is maturing and reaching a more strategic depth. The industry witnessed refinements across existing use cases, such as risk assessment and automation. It also streamlined internal operations and helped detect fraud.?

AI is fast becoming an indispensable resource for banks, FinTech startups, and investment firms alike. Here’s a look back at the major milestones and trends that have defined AI in finance in 2024.

Industry Scenario         

Survey Shows 58% of Finance Functions Using AI in 2024 [Gartner]

This marks a significant increase from previous years, indicating a growing reliance on AI. It also highlights that organizations are leveraging AI for a range of functions, including intelligent process automation, analytics, error detection, and more.?

Artificial Intelligence and its Impact on Financial Markets and Financial Stability [IMF]

Here, Tobias Adrian discussed the advancements in AI and their potential impact on financial markets. Adrian highlighted that AI is poised to enhance efficiency within the financial sector by automating tasks and improving decision-making processes.

AI Regulation in the Finance Sector [Deloitte]

Discussing what the increasing adoption of AI means for the existing and new risks in the finance sector, Deloitte reviews international regulatory initiatives, such as the OECD AI Principles, UNESCO's 'Recommendation on the Ethics of Artificial Intelligence,' and more.

How Artificial Intelligence is Reshaping the Financial Services Industry [EY]

Gen AI drove transformations all across the financial services industry with applications in customer service, risk management, and capital markets. It opened the way for innovation and efficiency, where the focus is building an ecosystem that is inclusive and transparent.

Sentiment Towards AI?        

Artificial Intelligence is Losing Hype [The Economist]

This post discusses the hype surrounding AI, noting that while AI has garnered attention and investment, there is growing skepticism about its profitability. Analysts are questioning whether the investments in AI will yield proportional returns.?

Wall Street is Becoming More Skeptical of Artificial-Intelligence Hype Helping to Power Stocks [Market Watch]

Analysts are questioning the substantial investments by the big tech companies in AI infrastructure. Concerns include the high costs of AI implementation, the uncertain timeline for returns on these investments, and the possibility that AI may not effectively address complex problems.?

Investment Banks Look to 2025 AI Push to Remove Junior Drudge Work [Financial News London]

Investment banks are set to implement AI projects in 2025 to automate repetitive tasks typically handled by junior bankers, such as data analysis and document drafting. This initiative aims to enhance efficiency and allow junior staff to focus on higher-value activities.?

RBI Forms Panel to Draft Ethical AI Framework for Financial Sector [APAC News]

The committee's mandate includes assessing the current use of AI in the financial sector, identifying potential ethical concerns, and recommending guidelines to ensure AI applications are fair, transparent, and secure.

Use Cases        

Harnessing the Power of AI to Fight Financial Crime [HSBC]

HSBC has developed a risk assessment system, which analyzes nearly 1.35 billion transactions monthly across 40 million accounts. This approach has led to a two to fourfold increase in identifying financial crimes with greater accuracy while reducing false positives by 60%.?

AI Agents in Finance: Applications And Examples [Arya AI]

AI agents are transforming financial operations through process automation, decision-making, fraud detection, and more. The integration of AI agents signifies a shift from traditional automation to intelligent systems capable of critical thinking and adaptability.

JPMorgan Chase is Giving its Employees an AI Assistant [CNBC]

JPMorgan Chase has introduced a Gen AI assistant named LLM Suite to over 60K employees, aiming to enhance productivity in tasks such as drafting emails and reports. This initiative is part of a broader strategy to integrate AI across the organization.

???? Article: Top 10 Generative AI Stories of 2024 [AI Business]

???? Video: Salesforce CEO Marc Benioff Has Thoughts on AI Agents, Automation, and The Future of Your Job [Alex Kantrowitz]

???? Report: KPMG Global AI in Finance Report [KPMG]

???? Article: Top 15 OCR (Optical Character Recognition) APIs in 2025 [Arya AI]

???? Video: Financial Markets and the AI Revolution | Adam Butler [Hidden Forces]

???? Video: The Rise Of AI Agents And Agentic Reasoning [Andrew Ng]

???? Article: The year AI took centre stage [Financial Express]

???? LinkedIn: Arya AI 2024 Wrapped Up [Arya AI]

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